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Bank of Finland Discussion Papers BANK OF FINLAND DISCUSSION PAPERS 14/92 Tom Kokkola Financial Markets Department April 1992 An International Bibliography of .Payment Instruments and Systems Literature for the Years 1985-1991 SUOMEN PANKIN KESKUSTELUALOITTEITA • FINLANDS BANKS DISKUSSIONSUNDERLAG Suomen Pankki ; . Bank of Finland P.O.Box 160, SF·00101 HELSINKI, Finland ~ + 358 0 1831 \ BANK OF FINLAND DISCUSSION PAPERS 14/92 Tom Kokkola Financial Markets Department April1992 An International Bibliography of Payment Instruments and Systems Literature for the Years 1985-1991 Single copies of the discussion paper will be provided upon request from: Bank of Finland Financial Markets Department P.O.Box 160, SF-00101 HELSINKI Telefone +358-0-1831 Telefax + 358-0-174872 ISBN 951-686-325-6 ISSN 0785-3572 Suomen Pankin monistuskeskus Helsinki 1992 .-;: --... TABLE OF CONTENTS Page FOREWORD 5 ..... "ABOUTTHE LlTERATURE 7 PART I - BIBLlOGRAPHY BY COUNTRY 9 Australia 11 Austria 12 Belgium 14 Canada 16 Denmark 18 Finland 19 France 21 Germany 24 Greece 25 Iceland 26 Ireland 26 Israel 27 Italy 27 Japan 30 Luxembourg 31 New Zealand 32 Netherland 32 Norway 34 Portugal 36 Spain 37 Sweden 38 Switzerland 39 United Kingdom 42 United States 45 PART II - INTERNATIONAL ORGANIZATIONS 55 r PART 111 - BIBLlOGRAPHY BY SUBJECT MATTER 61 1 Payment Instruments and Retail Transactions 63 1,1 Cash (notes and coins) 63 1,2 Payment cards (prepaid, debit and credit) 65 1,3 Other 66 2 Automation of Retail Transactions 67 2,1 Automated Teller -Maqhines .(ATMs) and Cash Dispensers (CDs) 67 2,2 Electronic Fund Transfer / at Point Of Sale (EFT/POS) 68 2,30ther 69 3 Interbank Payment Systems and Large-Value Transactions 70 3,1 Structure and Operations 70 3,2 Policy Issues 72 3,3 Recent Developments 73 3.4 Other 74 4 International Payments 76 5 Clearing, Netting and Settlement 79 5,1 Payments 79 5,2 Securities 81 6 Payment System Risk 82 7 Intraday Credit and Daylight Overdrafts 85 8 Payment System Services: eost and Pricing 86 9 Juridical and Regulatory Issues 89 10 Technology 91 11 Unclassified 92 r 5 FOREWORD This international bibliography of research, expository and descriptive'work on payment instruments and payment systems published since 1985 in 24 countries is primarily based on a survey conducted by the Research Department of the Bank of Finland in spring 1991. Publications since that time in 1991 have been included to the extent possible. The aim of the survey was to compile a. comprehensive bibliography of relevant work that has been done in this area in recent years in different countries, particulary at central banks. I hope that it will be a guide to literature that will increase expertise in the area of national and international payment systems, and that it will support research and development related to payment instruments and systems. The bibliography is divided into two main sections. The first, including Parts I and II, is based on country and international institution. The other section (Part 111) is a bibliography by subject matler. I would Iike to express my gratitude to all those who helped make this project possible. Ali errors and shortcommings, particularly regarding the classification of items under different subjects, are the responsibility of the author only. Helsinki, April 1992 Tom Kokkola r 7 ABOUT THE LlTERATURE Traditionally, banks are regarded as institutions with a dual function, since they provide both intermediation services and payment services. In light of this, it is interesting to note the hugh gap in the amounts of attention that have been afforded these two functions in the literature of economics. The literature on financial intermediation is enormous and has a long tradition, whereas the literature on payment services is relatively··new ·and limited. One problem here is, of course, where to draw the line between the two areas. Most of the payments literature is descriptive; theoretical articles are quite rare, and, in fact, the field does not have its own well-established theories. Therefore, theoretical guidance must be sought among the traditionai economic theories, such as the theories on money, finance and production. The payments literature also reflects the fact that this field is by nature cross-scientific, involving economic, juridical, technological and other matters. The new level of interest attached to the payment function seems to have its origin, at least in part, in the deregulation of capital flows and banking activites that occurred in many countries during the 1980s. The changed banking environment, together with rapid technoligical development, had a strong influence on payment systems. In the international context, the liberalization led to growth in the volume of international financial transactions, which in turn forced bankers and regulators to pay more attention to settlement risks, expecially in cases where foreign currencies are involved. Questions related to clearing and netting arrangements are also well represented in the literature. Increased international travel and the integration process have recently raised the questions of how to improve the efficiency of small-value cross-border transactions and how to unify the handling of payment instruments in different countries. On the national level, liberalization, including the abolishment of interest rate ceilings, has made it almost impossible to continue subsidizing transactions services from the profits generated by deposit-taking. Aiot of attention has therefore been focused on projects that improve the efficiency of retail transactions and, to some degree, on the pricing of these services. The most extensive ·Iiterature we find is on issues related to interbank payments. The large values of these transactions and the substantial liquidity, credit, and even .systemic risks involved in these r 8. transfer systems has been of major concern to central banks. This has also actualized the debate on the role of the central bank as a provider of final settlement in the payment system. Real-time settlement facilities offered by the central bank have in turn raised the issues of how to limit overdrafts on settlement accounts, whether or not to offera money settlement facility for the securities markets, etc. It is somewhat remarkable that the literature includes very little economic research on payment flows. This is probably due to the .. - -fact that there is .ageneral lack of properdata on the values and volumes of payments. The prices of payment services is also a problem: the prices are not true market prices; they are ususally administratively set - and then there is the problem of the float. Ali in all , it is surprising that 50 little has been written on the pricing of national and international large-value transactions and, related to this, how the risks involved should be priced. The situation is perhaps alittie better with regard to the pricing of payment instruments, especially regarding credit cards, but note the key word here - credit. r PARTI 11 AUSTRALIA 1 . Publicationsdescribing the payment system in Australia Australian Payment Systems Council (APSC). The Australian Payment System. Sydney, March 1987. Australian Payment Systems Council. The Payments System in Australia. APSC, Sydney, November 1990. Group of Thirty, Clearance and Settlement Project; Australia: Year-End 1990 Status "Report. 2 Other Allen, R.A. Issues Facing the Payment Systems in the '90s. Conference on the Payment System: Access and Control. Terrigal, NSW, August 1989. Australian Cansumers' Association. The Money Revolution. Consuming Interest, Sydney, Septem ber 1986. Australian Payment Systems Council. Report af the Australian Payment Systems Council, Sydney, 1985, 1986, 1987, 1989 and 1990. Clark, N. Payments Systems: The Australian Experience. Paper presented ta the 17th SEANZA Central Sanking Course. Sydney, October-November 1988. Douglas, P. How Open Should the Payment System Se? Conference on the Payment System: Access and Control. Terrigal, NSW, August 1989. Farkas, D. Improving the Efficiency of the Paper-Sased Payment Systems. Conference on the Payment System: Access and Control. Terrigal, NSW, August 1989. Harper, lan R. Issues in the development of the Australian payments system. Macquarie University Sulletin of Money, Sanking and Finance, No. 3. 1985/1986 Loughlin, G. How Open Should the Payment System Be? Conference on the Payment System: Access and Control. Terrigal, NSW, August 1989. Macfarlaine, I.J. Open Market Operations Since the Float. Reseve Bank of Australia Bulletin, December 1986. Mallyon, J.S. The Role of the Payment System Council in the Australian Payment System - Supervision or Suasion? Australian Payment Systems Council, Sydney, September 1984. Mallyon, J.S. Some Recent Developments in the Australian Payments System. Reserve Bank of Australia Bulletin, April 1986. Mallyon, J.S. Electronic Transactians and the Australian Payments System Council: Accamodating the Interests of Banks, Building Societies, Credit Unions and Retailers. Australian Payment Systems Council, Sydney, March 1987. Mallyon, J.S. Issues for Payment Systems. Paper presented to the 17th SEANZA Central Banking Course. Sydney, October-November 1988. 12 Marsden, J. The Australian payment System Today. Conference on the Payment System: Access and Control. Terrigal, NSW, August 1989. Procter, C.C. Payment Systems: Some Issues from the Consumer Perspective. Reserve Bank of Australia Bulletin, June 1991. Reserve Bank of Australia. Payment Systems Developments in Australia. Reserve Bank of Australia
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